Crypto majors experienced a significant decline in the past 24 hours, with meme coins like shiba inu and dogecoin leading the drop.
The market is looking toward Friday's U.S. PCE inflation data for guidance on bitcoin's direction, with some analysts predicting a drop to as low as $60,000. Some of the largest cryptocurrencies lost as much as 5% in 24 hours as traders looked toward Friday's Personal Consumption Expenditures inflation report in the U.S. and warned of further declines in the price of bitcoinled the market lower, each losing about 5%.
“The price will likely show no clear direction until Friday’s U.S. PCE announcement, and it could be a make-or-break event for bitcoin,” bitBank said in an email. “If the inflation data comes in hotter than expected, bitcoin could give up about a half of its gain in the past two weeks and decline to around $65,000.”
FxPro senior market analyst Alex Kuptsikevich echoed the sentiment: “In the most bearish scenario, the price could roll back to $60,000. A more optimistic scenario suggests a decline to the $65K area, where the 50-day moving average lies,” he said in a Telegram interview.Elsewhere, on-chain analytics Glassnode recorded signs of a recovery in buyer interest in bitcoin.
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